Home loan customers see house prices tumble

House hunters may be wise to secure a home loan as soon as possible, as property prices across Australia have fallen sharply.

According to new statistics released by RP Data and Rismark, abodes in Brisbane have experienced the biggest drop in value, having declined by eight per cent in the 12 months leading up to October.

Capital city prices tailed off by four per cent during the same period, while homes in Perth, Adelaide and Melbourne all took a hit of five per cent or more. Only Sydney remained reasonably steady, with property prices falling by just 1.1 per cent.

Director of research at RP Data Tim Lawless said Aussies on the lookout for the best home loans could benefit from the downturn.

"The combination of lower interest rates, cheaper homes and rising incomes is generating a welcome boost to housing affordability, particularly in those markets where value falls have been more significant," he commented.

However, SQM Research director Louis Christopher recently stated despite the good value on offer, house sales have remained slow across Australia in recent months.

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